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S07302 Summary:

S07302 Actions:

S07302 Committee Votes:

S07302 Floor Votes:

S07302 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7302
 
                    IN SENATE
 
                                     January 5, 2018
                                       ___________
 
        Introduced  by Sen. HAMILTON -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT to amend a chapter of the laws of 2017, relating to directing the
          department of financial services to study, evaluate and make recommen-
          dations concerning licensure, limits on fees and interest and  disclo-
          sure  practices of businesses engaged in pension loan advancements, as
          proposed in legislative bills numbers  S.  6161-A  and  A.  684-A,  in
          relation  to  submitting a report on or before January 1, 2019; and to
          repeal section 2 of a chapter of the laws of 2017, relating to direct-
          ing the department of financial services to study, evaluate  and  make
          recommendations  concerning licensure, limits on fees and interest and
          disclosure practices of businesses engaged in  pension  loan  advance-
          ments,  as  proposed  in  legislative  bills  numbers S. 6161-A and A.
          684-A, relating thereto
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Section  2  of a chapter of the laws of 2017, relating to
     2  directing the department of financial services to  study,  evaluate  and
     3  make  recommendations  concerning licensure, limits on fees and interest
     4  and disclosure practices of businesses engaged in pension loan  advance-
     5  ments, as proposed in legislative bills numbers S. 6161-A and A.  684-A,
     6  is REPEALED.
     7    §  2.  Section 3 of a chapter of the laws of 2017, relating to direct-
     8  ing the department of financial services to  study,  evaluate  and  make
     9  recommendations  concerning  licensure,  limits on fees and interest and
    10  disclosure practices of businesses engaged in pension loan advancements,
    11  as proposed in legislative bills numbers S.  6161-A  and  A.  684-A,  is
    12  amended to read as follows:
    13    §  [3] 2. The department  of financial services shall submit a report,
    14  on or before January 1, [2018] 2019, to the superintendent of  financial
    15  services,  the  governor,  the  temporary  president  of the senate, the
    16  speaker of the assembly, the chair of the senate  banks  committee,  and
    17  the  chair  of the assembly banks committee of its findings, conclusions
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03962-02-8
        S. 7302                             2
 
     1  and recommendations, and shall submit with its report  such  legislative
     2  proposals as it deems necessary to implement  its recommendations.
     3    § 3. Section 4 of a chapter of the laws of 2017, relating to directing
     4  the  department of financial services to study, evaluate and make recom-
     5  mendations concerning licensure, limits on fees and interest and disclo-
     6  sure practices of businesses engaged in pension  loan  advancements,  as
     7  proposed  in legislative bills numbers S. 6161-A and A. 684-A, is renum-
     8  bered section 3.
     9    § 4. This act shall take effect on the same date and same manner as  a
    10  chapter  of  the  laws  of 2017, relating to directing the department of
    11  financial services to study, evaluate and make recommendations  concern-
    12  ing  licensure,  limits on fees and interest and disclosure practices of
    13  businesses engaged in pension loan advancements, as proposed in legisla-
    14  tive bills numbers S. 6161-A and A. 684-A, takes effect.